The Fed has not halted this stock market rally. But here's what could.

For some, the head-scratching continues after what some would call a confusing Fed meeting, but the setup is wobbly for Thursday, with tech especially looking weak.

After pausing on rate hikes, the Fed predicted two more in the pipeline, though Chairman Jerome Powell tried to soften things up, and the market hasn’t priced in the two rate hikes the dot plot suggests. “Did the Fed end the ‘momentum market’ today? Not likely,” Emanuel and the team told clients in a note. “Even 1999 had a volatile/sideways summer, and the definition of a ‘momentum market’ is one where ‘outside forces like the Fed don’t end it.”“We remain attuned to these “signs of the top” the closer the S&P 500 moves to 4,450,” said Emanuel and the team.

The buzz China’s central bank cut a key policy rate for the first time since August, as retail sales and industrial production data cooled in May, more evidence of the economy’s post-COVID struggles. U.S.-listed Chinese stocks rose in premarket action. TrueCar TRUE shares are up 9% after the car-pricing platform announced restructuring plans, which a 24% workforce reduction, and a new chief executive.

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